Credit downgrade threat to Germany

Some believe a full-scale bailout of the Spanish state may be imminentMarkus Schreiber/AP

The euro crisis struck at the heart of the currency bloc last night as Germany, the Netherlands and Luxembourg were warned that they could lose their pristine credit ratings because of the rising danger of a Greek exit.

Moody’s, the credit rating agency, put all three countries on a “negative” outlook, which means that they could be stripped of their triple-A ratings.

The agency cited the growing threat of a Greek departure from the euro, which it said would pose a “material threat to the euro”. Richer members may also be forced to shoulder heavier burdens, including the possibility of bailing out large member states including Spain and Italy, Moody’s said.

The German Finance Ministry said the country would remain strong, and said that Moody’s…